Amiantit submits capital cut application to CMA

13/02/2022 Argaam

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. submitted today, Feb. 13, a request for capital reduction to the Capital Market Authority (CMA), according to a bourse filing.

 

The capital decrease is subject to the approval of regulatory authorities as well as the next general meeting.

 

The company will announce any future developments in due course.

 

The board of directors decided on Feb. 12, to split the capital reduction request from the capital increase via a rights issue, Argaam earlier reported.

 

In November 2021, the board of directors recommended a 69.06% capital reduction from SAR 320 million to SAR 99 million through writing off 22.1 million shares (one share for every 1.447 shares).

 

On Jan. 29, the board of directors raised its previous capital hike recommendation to SAR 346.5 million through a rights issue.

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